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Chevron’s upcoming strategy update outlining its low-carbon plans has taken on new significance following reports of potential activist shareholder interest in the US major. The Wall Street Journal reported that Engine No. 1 -- the plucky activist upstart that successfully overhauled Exxon Mobil’s board earlier this year -- has received queries from other investors about potentially launching an activist campaign against Chevron regarding its energy transition strategy. Citing unnamed people familiar with the matter, the Journal said Engine No. 1 hasn’t decided whether it wants to pursue another campaign at a major oil company. The hedge fund also gave no indication of its plans with Chevron during recent talks with company executives. But how things proceed from here could weigh heavily on what Chevron delivers during its Sep. 14 strategy update. The company has couched the meeting as offering new insights into how Chevron aims to reduce its carbon intensity. But Chevron officials have declined to specify whether fresh targets are in play or if they will simply provide further details around existing plans. What is clear is that the boldest the US major is likely to go is embrace net-zero emissions targets exclusively around its operations. Europe’s leading integrated firms have also extended such targets to the emissions of their products. Leading US producers are keen to stick with operational emissions targets since they broadly want to remain oil and gas producers over the long term.

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